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The Africrypt brothers deny being involved in the Bitcoin “heist.”

Bitcoin worth over £2.6 billion ($3.6 billion)

According to the BBC, a lawyer for two brothers who started a South African Bitcoin investment firm unequivocally denies any involvement in a “heist.”
According to a police complaint, Africrypt, which was formed by Raees and Ameer Cajee, “absconded” with Bitcoin worth over £2.6 billion ($3.6 billion) at the time.
Hanekom Attorneys, a law company, filed the complaint on behalf of a group of investors in April.
However, the exact amount of crypto-currency gone remains unknown.
Africrypt promoted itself as “an investment firm completely focused on cryptocurrency and blockchain technologies” on its now-defunct website.
The company, which was started in 2019, said that it had developed from a one-man operation operating out of a bedroom to “one of Africa’s largest and most successful AI trading enterprises” in just a few years.


According to Hack,

Africrypt’s chief operating officer, Ameer Cajee, wrote to clients on April 13 to inform them that the company has ceased operations due to a cyberattack.
He wrote, “Our system, client accounts, client wallets, and nodes have all been compromised.”
Investors were warned not to choose the “legal road” because it would “just postpone the recovery process,” according to the letter.
Hanekom Attorneys is representing some of the investors who have lost access to their funds.
In a complaint made to an elite South African police unit known as the Hawks, the law firm claimed that Bitcoin worth $3.6 billion had been “dissipated in its entirety.”
The usage of “different dark web tumblers and mixers” complicated the investigation into where the bitcoins went, according to the law company.
This refers to technologies that make tracing bitcoins more difficult.
According to the law firm, its investigation led them to conclude that labeling this a hack was “misplaced.”

Amount on hand:

The quantity of Bitcoin Africrypt is claimed to have held has sparked debate.
While the losses were significant, an investor who spoke to the BBC on the condition of anonymity contended that they were far less than the billions that had been reported.
According to a website archive from January 2021, Africrypt had less than $3.6 billion in assets: “We handle over $100 million across our venture fund and AI-driven trading platform,” it said.


Inquiries about money

Crypto-assets are not regulated in South Africa, according to the Financial Sector Conduct Authority (FSCA), “and as a result, the FSCA is not in a position to initiate any regulatory action.”
“Africrypt was offering very large and unrealistic returns,” according to the press announcement.
The BBC has asked South African police if they are conducting an investigation, but they have yet to comment.